Conditions for setting up an insurance brokerage company in Vietnam

Conditions for setting up an insurance brokerage company in Vietnam

Conditions for setting up an insurance brokerage company in Vietnam:

1. For a capital-contributing company or individual to establish an insurance brokerage company must meet the following conditions:

a) Contributing capital in cash, and which must not be a loan or investment capital entrusted by another organization or individual;
c) An company that wishes to contribute a capital amount representing 10% or more of the charter capital must have conducted profitable business for 3 consecutive years preceding the year of submission of a application files for a license;
c) An company that conducts a business line requiring legal capital shall ensure that its equity minus the legal capital at least equals the to-be-contributed capital amount;
d) For an insurance company, an insurance brokerage company, a commercial bank, a financial company or a securities company, such company must maintain and satisfy the conditions on financial safety and obtain a competent agency’s permission for making capital contribution under relevant specialized law.

2. Having a application files for a license as prescribed in Decree 73/2016/ND-C.

3. A foreign company that wishes to contribute capital to set up an insurance brokerage company must meet the following conditions:

a) Being a foreign insurance brokerage company that has been permitted by a foreign competent agency to conduct insurance brokerage business in Vietnam;
b/ Having operated for at least 7 years in insurance brokerage;
c) Having not committed any serious violation of the regulations on insurance brokerage and other regulations of the country where the organization’s head office is located for 3 consecutive years preceding the year of submission of a dossier of application for a license.

4. Legal capital of insurance brokerage company:

a/ VND 4 billion, if it engages in primary insurance brokerage or reinsurance brokerage;
b/ VND 8 billion, if it engages in primary insurance brokerage and reinsurance brokerage.

Any informaton about Conditions for setting up an insurance brokerage company on Vietnam, feel free to contact with us.

LAWYER VN LAW FIRM

Related texts:
- Application files for forming a insurance  brokerage company in Vietnam, Click here.
- Criteria for a director or an executive officer of insurance  brokerage company in Vietnam, Click here.